FSA responds to the IBA Japan comments on the draft revisions to the Cabinet Order and Cabinet Office Ordinance (published on July 4, 2014) related to the 2014 amendments to the Financial Instruments and Exchange Act (to be implemented within six months)
Here are the details of the announcements by the Japanese Government on the 27th of November. These have already been widely covered by the Japanese and non-Japanese media. At this time, we do not have an English version of the documents available.
IBA Japan welcomes the Japan Securities Clearing Corporation’s (JSCC) publication of its Principles for Financial Market Infrastructures Disclosure. The JSCC is fully compliant with the Principles for Financial Market Infrastructures (PFMI) and this detailed public document of how it is compliant is useful to market participants and to other stakeholders both in Japan and abroad.
Amendments made to the Japanese inheritance and gift tax rules in 2013 have had a significant effect on the attractiveness of Japan as a place for foreigners to come and live and work. These changes appear to be out of step with the current visa initiatives to encourage highly-skilled foreign workers to come to Japan and also appear out of line with the efforts to promote Tokyo as a financial centre.
IBA Japan has produced a leaflet which sets out scenarios to explain the impact of the rules.
The BoJ has embarked over the last year on a massive programme of monetary easing and inflation targeting to help revive the Japanese economy. It also has introduced a number of infrastructure initiatives. In his presentation to IBA Japan members, BoJ Policy Board Member Takehiro Sato gave an overview of the Bank’s strategy and shared his thoughts on the future direction of monetary policy.
IBA Japan Press Release; Foreign Financial Institutions remain fully committed to Japan and to implementing Covid-19 containment measures. Japanese and English.
Joint Statement of the ACCJ, ANZCCJ, BCCJ, CCCJ, EBC, IBA JAPAN on urgent fiscal countermeasures to combat the economic impact of Covid-19. Japanese and English.
IBA Japan held its 30th Annual General Meeting on November 26th at the Okura Hotel in Tokyo, It was followed by a reception for about 200 guests. The Commissioner of the Financial Services Agency, Mr. Kiyoshi Hosomizo, gave a speech and discussed current challenges facing the financial sector, the effects of macro-economic environment and challenges facing Japanese policy makers, and the FSA’s supervisory approach and current priorities.
